Urban Edge Properties Successfully Refinances Bergen Town Center Mortgage

Author's Avatar
Apr 12, 2023

Urban Edge Properties (NYSE: UE) today announced the successful refinancing of its mortgage loan for Bergen Town Center. The new seven-year, $290 million fixed rate mortgage loan is being provided by New York Life Insurance Company and MetLife Investment Management as co-lenders and replaces the previous mortgage on the property which had an outstanding balance of $300 million. With this refinancing, the Company has reduced its debt maturing through the end of 2025 to $235 million, representing less than 15% of outstanding indebtedness.